The dry bulk market showed mixed performance over the week, shaped by regional demand shifts, bunker price volatility, and vessel supply. Capesizes remained rangebound, with Atlantic strength, particularly Brazil routes, offsetting weaker Pacific activity, ending slightly higher overall. Panamaxes posted the strongest performance, rising steadily on improved Atlantic and Asian demand before a minor correction on Friday, closing the week higher. In contrast, Supramax and Handysize segments weakened, pressured by oversupply, limited cargo enquiry, and softer sentiment across key regions such as the US Gulf and Asia.
Bunker price volatility remained a dominant concern, complicating forward fixing and contributing to cautious market behaviour. The West Coast market saw slightly improved activity, though fixtures remained limited, with most demand shifting toward April dates. In the US Gulf Handy segment, sentiment stayed soft amid oil-driven uncertainty, with a widening bid-offer gap and only modest fixture activity. Overall, the market closed with a cautious to bearish tone.
Global agriculture is under growing pressure as the Strait of Hormuz closure disrupts fertiliser supply, stranding around 35 per cent of global urea and phosphate exports. Prices have surged, with urea up 30 per cent and ammonia exceeding USD 900 per T, forcing farmers to reconsider planting strategies. Many are shifting from fertiliser-intensive crops like corn to soybeans, which require fewer inputs. This change risks reducing corn supply, increasing feed and food prices, and fuelling inflation. Developing regions face potential yield losses due to reduced fertiliser use. Overall, the crisis highlights fragile supply chains and is expected to drive continued volatility in food production and pricing.